BKV Corporation (BKV)
NYSE:BKV
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BKV Corporation
(NYSE:BKV)
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Rating:64Neutral
Price Target:
$30.00
▲(8.11% Upside)
Action:Reiterated
Date:05/23/26
Score is led by strong profitability and a constructive earnings outlook (disciplined capex funding plan, improving power/CCUS platform), but held back materially by weak cash-flow conversion/negative TTM free cash flow and only neutral-to-soft near-term technical momentum. Valuation is reasonable but not a clear catalyst without dividend support.
Positive Factors
Strong Profitability
Sustained high margins and strong TTM profitability indicate durable unit economics across upstream and power segments. Elevated EBITDA and net margins provide cash generation buffer during commodity swings and support reinvestment in growth initiatives and CCUS over the medium term.
Negative Factors
Weak Cash-Flow Conversion
Negative and volatile free cash flow undermines the durability of reported earnings and constrains internally funded growth or distributions. Reliance on capital markets or asset sales to fund cyclical capex raises execution risk and increases sensitivity to adverse commodity cycles.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Profitability
Sustained high margins and strong TTM profitability indicate durable unit economics across upstream and power segments. Elevated EBITDA and net margins provide cash generation buffer during commodity swings and support reinvestment in growth initiatives and CCUS over the medium term.
Read all positive factors
BKV Corporation (BKV) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.09B
Dividend YieldN/A
Average Volume (3M)864.20K
Price to Earnings (P/E)16.5
Beta (1Y)0.73
Revenue Growth52.41%
EPS GrowthN/A
CountryUS
Employees366
SectorEnergy
Sector Strength52
IndustryOil & Gas Exploration & Production
Share Statistics
EPS (TTM)3.31
Shares Outstanding109,386,610
10 Day Avg. Volume719,005
30 Day Avg. Volume864,197
Financial Highlights & Ratios
PEG Ratio-0.07
Price to Book (P/B)1.23
Price to Sales (P/S)2.79
P/FCF Ratio-43.51
Enterprise Value/Market Cap1.31
Enterprise Value/Revenue3.97
Enterprise Value/Gross Profit8.41
Enterprise Value/Ebitda7.41
Forecast
1Y Price Target
$35.13Price Target Upside26.58% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering9
EPS Forecast (FY)1.67
Revenue Forecast (FY)$1.59B
BKV Corporation Business Overview & Revenue Model
Company Description
BKV Corporation engages in the acquisition, operation, and development of natural gas and NGL properties. It is also involved in the gathering, processing, and transportation of natural gas. The company was founded in 2015 and is based in Denver, ...
How the Company Makes Money
BKV primarily makes money by producing and selling natural gas (and, where applicable, associated natural gas liquids and/or oil) from its operated and non-operated wells. Revenue is generally realized through (1) sales of produced hydrocarbons to...
BKV Corporation Earnings Call Summary
Earnings Call Date:Feb 25, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Aug 18, 2026
Earnings Call Sentiment Positive
The call conveyed a predominantly positive tone: the company delivered strong operational execution across upstream, power, and CCUS in its first full public year, reported meaningful year-over-year financial improvement (adjusted EBITDAX +47% YoY), strengthened liquidity and the balance sheet, and raised CCUS targets driven by new partnerships. Key risks highlighted include weather-related downtime (Winter Storm Fern), outstanding PPAs required to fully de-risk and monetize the Temple power platform (timing uncertainty), and CCUS project FID/timing risk as the business scales toward the 1.5 Mtpa 2028 target. Overall, achievements and growth vectors materially outweigh the near-term execution and timing risks.Positive Updates
Transformational Year and Strong Financial Performance
2025 combined adjusted EBITDAX attributable to BKV was $109M in Q4 and $390M for the full year, representing a 19% increase quarter-over-quarter and a 47% increase year-over-year. Adjusted net income was $27M (Q4) and $120M (FY) or $0.29 and $1.40 per diluted share respectively. The company generated positive free cash flow for 2025 (excluding cash from the power JV) while spending $319M of total corporate capex—below the low end of original guidance—demonstrating capital discipline.
Negative Updates
Winter Storm Fern Caused Unanticipated Downtime
Winter Storm Fern produced significant and unanticipated downtime that affected near-term operations and contributed to variability in Q1 expectations. Management still expects Q1 2026 production of 900–930 MMcfe/d, but the storm disrupted operations and scheduling.
Read all updates
Q4-2025 Updates
Positive
Negative
Transformational Year and Strong Financial Performance
2025 combined adjusted EBITDAX attributable to BKV was $109M in Q4 and $390M for the full year, representing a 19% increase quarter-over-quarter and a 47% increase year-over-year. Adjusted net income was $27M (Q4) and $120M (FY) or $0.29 and $1.40 per diluted share respectively. The company generated positive free cash flow for 2025 (excluding cash from the power JV) while spending $319M of total corporate capex—below the low end of original guidance—demonstrating capital discipline.
Read all positive updates
Company Guidance
Management's 2026 guidance calls for Q1 upstream production of 900–930 MMcfe/d and full‑year upstream production of 935 MMcfe/d on $240M of development capital (Q1 development capex $70–100M); total 2026 gross capex is guided at $410–560M (including ~$135M of strategic power capex) with a net capital investment midpoint (ex‑power growth) of $324M, and management expects total full‑year net capex to be fully funded within cash flow. For power, the company will begin consolidating the Temple JV in Q1 and expects gross power JV EBITDA of $25–35M in Q1 and $135–175M for FY2026; the Temple complex is 1.5 GW and power hedges cover ~40% of ERCOT generation via HERCOs with fixed spark spreads on ~100 MW. On hedging overall, just over 60% of 2026 forecasted upstream production is protected (gas hedged at $3.85/MMBtu, NGLs at $22/bbl). Carbon capture milestones include Cotton Cove and Eagle Ford start‑ups on track for 2026 and a refreshed target of 1.5 million tons/year CO2 injection run‑rate by 2028.BKV Corporation Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
74
Positive
Cash Flow
44
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.02B | 895.64M | 604.53M | 739.28M | 1.66B | 889.53M |
| Gross Profit | 482.09M | 283.70M | 387.00M | 515.91M | 1.54B | 797.25M |
| EBITDA | 547.70M | 412.01M | 82.18M | 446.59M | 640.00M | -74.02M |
| Net Income | 295.87M | 173.13M | -142.87M | 116.92M | 410.14M | -138.21M |
Balance Sheet | ||||||
| Total Assets | 4.17B | 3.13B | 2.23B | 2.68B | 2.70B | 1.62B |
| Cash, Cash Equivalents and Short-Term Investments | 304.51M | 199.41M | 14.87M | 25.41M | 153.13M | 134.67M |
| Total Debt | 1.27B | 486.78M | 165.00M | 541.66M | 617.04M | 181.41M |
| Total Liabilities | 1.86B | 1.06B | 671.51M | 1.21B | 1.51B | 865.89M |
| Stockholders Equity | 2.21B | 2.04B | 1.56B | 1.42B | 1.13B | 705.10M |
Cash Flow | ||||||
| Free Cash Flow | -198.71M | -57.46M | 17.62M | -69.53M | 101.10M | 289.42M |
| Operating Cash Flow | 292.08M | 242.71M | 118.54M | 123.08M | 349.19M | 358.13M |
| Investing Cash Flow | -724.38M | -564.90M | 36.07M | -177.85M | -865.57M | -161.86M |
| Financing Cash Flow | 656.66M | 506.74M | -304.81M | 66.71M | 534.83M | -79.05M |
BKV Corporation Technical Analysis
Negative
27.75
Price Trends
28.78
Negative
28.83
Negative
26.37
Positive
Market Momentum
-0.10
Positive
45.30
Neutral
53.13
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BKV, the sentiment is Negative. The current price of 27.75 is below the 20-day moving average (MA) of 29.49, below the 50-day MA of 28.78, and above the 200-day MA of 26.37, indicating a neutral trend. The MACD of -0.10 indicates Positive momentum. The RSI at 45.30 is Neutral, neither overbought nor oversold. The STOCH value of 53.13 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for BKV.
BKV Corporation Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | $1.78B | 51.23 | 10.68% | 13.84% | 0.87% | 770.57% | |
68 Neutral | $2.36B | -16.81 | 13.10% | 17.48% | 22.47% | -56.03% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
64 Neutral | $3.09B | 16.50 | 15.50% | ― | 52.41% | ― | |
60 Neutral | $2.68B | -2.59 | -33.22% | ― | -15.43% | -3103.48% | |
58 Neutral | $4.36B | -2.64 | -6.06% | 5.78% | 18.27% | -67.80% | |
56 Neutral | $2.24B | -3.72 | -295.28% | ― | ― | -96.11% |
* Energy Sector Average
BKV
BKV Corporation
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BKV Corporation Corporate Events
Business Operations and StrategyPrivate Placements and Financing
BKV Corporation Amends Credit Agreement for Greater Flexibility
Positive
May 22, 2026
On May 20, 2026, BKV Corporation, BKV Upstream Midstream, LLC, and certain subsidiaries entered into a Sixth Amendment to their reserve-based lending credit agreement with Citibank, N.A. and a syndicate of lenders. The amendment raises the maximum...
Business Operations and StrategyFinancial DisclosuresM&A TransactionsPrivate Placements and Financing
BKV Corporation Reports Q1 2026 Results, Expands Power JV
Positive
May 7, 2026
On May 7, 2026, BKV Corporation reported first-quarter 2026 results showing net income of $44.1 million, adjusted net income of $22.4 million, adjusted EBITDAX of $112.0 million, and net cash from operating activities of $72.0 million, supported b...
Private Placements and FinancingRegulatory Filings and Compliance
BKV Corporation Completes Public Equity Offering and Fundraise
Positive
Mar 12, 2026
On March 10, 2026, BKV Corporation and selling stockholder Bedrock Energy Partners, LLC entered into an underwriting agreement with RBC Capital Markets, LLC for a public offering of 5,550,000 primary shares and 4,142,089 secondary shares of BKV co...
Business Operations and StrategyPrivate Placements and Financing
BKV Corporation Announces Public Offering to Fund Growth
Positive
Mar 11, 2026
On March 10, 2026, BKV Corporation launched an underwritten public offering of 9,692,089 shares of common stock, comprising 5,550,000 new shares from the company and 4,142,089 shares from selling stockholder Bedrock Energy Partners, LLC. The compa...
Business Operations and StrategyFinancial DisclosuresM&A TransactionsPrivate Placements and Financing
BKV Corporation Reports Strong 2025 Results, Sets 2026 Outlook
Positive
Feb 25, 2026
On February 25, 2026, BKV Corporation reported fourth-quarter and full-year 2025 results, highlighting net income of $70.4 million for the quarter and $173.1 million for the year, alongside strong production of 939.7 MMcfe/d in Q4 and 835.5 MMcfe/...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.